Answers ( 2 )

  1. Home Loan approvals rely heavily on your CIBIL score. It is important to maintain a higher CIBIL score in order to get quicker loan approval. To understand what impacts CIBIL score and how to calculate CIBIL Score for home loan, it is important to understand that CIBIL is a three-digit number which determines your creditworthiness, i.e., your ability to borrow money and repay it within a stipulated time. 

    How to calculate CIBIL Score for Home Loan?


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    To calculate your CIBIL score, you must first know what is the right credit score to get home loan approval. In order to have a smooth home loan approval, the credit score of an individual must be above 750, anything around 850 is considered excellent. If you hit that mark, your chances of getting a home loan increase considerably. 

    There are many online CIBIL score calculators for you to use. Here are the steps to calculate your CIBIL Score:

    1. Visit https://www.cibil.com/
    2. Go to ‘Get Your CIBIL Report and Score’ on the top right hand corner of the screen.
    3. You can create a free account. 
    4. Enter basic details and PAN details, and contact details.
    5. Check mark the terms and conditions box
    6. You will receive an OTP on your mobile.
    7. Verify your identity, and you will be taken to the dashboard. 
    8. The CIBIL score will be displayed on your screen.

    How is CIBIL Score Calculated? - Factors

    Your CIBIL Score is calculated considering a number of factors. Each of these factors have a certain contribution in calculating your CIBIL score. Let us have a look:

    • Your Repayment History

    If you have had any loans in the past or have any active loans, your repayment capacity plays an important role in determining the score you achieve. Usually, it makes up for 35% of the CIBIL score. Untimely repayments can impact your CIBIL negatively.

    • Current loans and credit utilization

    30% of your CIBIL score is affected if you have higher credit utilization and have a higher loan amount sanctioned in your name.

    • Type of Loan

    Another 10% of your CIBIL is affected by the type of loan you have applied for in the past. Infact this percentage is inclusive of your active loan and its type.

    • Duration of your loan

    When you apply for a loan, your repayment tenure also plays a huge role in calculating your CIBIL score. The contribution of your repayment duration is 15%.

    Apart from this it is also taken into account how many times have you inquired about the loan from lenders. If you are doing it quite often, you must know it impacts your CIBIL score negatively.

    Now that you know how to calculate CIBIL score for home loan, and what are the factors that affect the CIBIL Score, make sure you start working towards improving your score. Click on the link below if you want to learn more about 

    How much CIBIL Score is Required for Home Loan

  2. A Home Loan can be availed to purchase a liveable property, apartment, house or flat. This is the most acquired loan as owning a house is a dream for most people. A CIBIL Score of 750 or above is a mandatory requirement. A CIBIL Score is a report curated by an RBI authorized agency. The CIBIL Number is a three-digit numerical score that determines your loan eligibility. This score runs from 300 to 900, with 300 being the lowest and 900 being the greatest. 

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